2 Questions:
1. Coinbase account: I have not sold, converted or spent any cryptocurrency, but I did transfer ETH and BTC to an external Ledger Wallet. I imported my tax info from Coinbase to Turbotax and it says I have a total gain of ~$500, however I did not receive a 1099 from Coinbase and their site says I should report ~$18 on line 21 for the 1099 MISC-INC. Do I need to somehow indicate that the transfers were to a wallet?
2. Venmo account: I purchased cryptocurrency through my Venmo account and this does not sync with Turbotax. Do I need to manually input each of the purchases? In 2023 I transferred all of my crypto holdings from Venmo into an external Ledger wallet and wonder how to input this information.
Thank you for any help.
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Purchases and transfers do not need to be reported on your tax return. Sales do. If you imported a bunch of data showing transfers then TurboTax would have interpreted that to be sales and entered it accordingly. Go ahead and delete the imported data from your tax return and manually enter the tax forms that show your sales and other income since it sounds like there isn't very much there to enter.
Sorry, I deleted the Coinbase download but not I don't understand where to enter the small gain from rewards I received from Coinbase (~$18) into Turbotax. Since I did not receive a 1099 MISC form I don't have the necessary information to fill out the this form and I don't see a line 21 available. If I try to enter it in the "Investments and Savings" part of Turbotax I have to treat it like a singular event with dates, etc.
Here is the best way to report this in your return as this reward is ordinary income to you.
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